Business & Finance

By
Compiled from wire service reports by Robert Kilborn, Stephanie Cook, and Matthew MacLean /
August 14, 2001

Emery Worldwide Airlines' fleet of cargo planes was to be grounded by the Federal Aviation Administration after the uncovering of numerous maintenance problems, The Washington Post reported. The agency planned to give Emery time to act voluntarily, but, if necessary, was prepared to revoke the company's certificate to fly, the newspaper said. Emery, a subsidiary of CNF Inc. of Palo Alto, Calif., reportedly was arranging for other air carriers to complete its shipments. In June, the company announced the mothballing of 16 planes and layoffs of 900 employees.

Media and Web giant AOL Time Warner was expected to announce a new round of "substantial" layoffs at its online unit because of falling advertising revenue, The Wall Street Journal reported. Citing sources familiar with the situation, the newspaper said hundreds of workers could be affected at its online unit's Dulles, Va., headquarters. In January, 725 of 15,000 employees lost their jobs there after the AOL Time-Warner merger.